Cleveland-Cliffs Reports Improved Q1 Results, Positive Adjusted EBITDA Despite Headwinds
CLF sits 79% above its 52-week low of $5.63.
Summary
Cleveland-Cliffs reported a significantly reduced net loss and positive adjusted EBITDA for Q1 2026, showing sequential improvement despite one-time energy costs, with management projecting further gains.
Key Events · Earnings and Guidance · CLF
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Q1 Net Loss Significantly Reduced
The GAAP net loss for Q1 2026 was $229 million ($0.42 per diluted share), a substantial improvement from a $486 million loss in Q1 2025 and a $235 million loss in Q4 2025.
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Adjusted EBITDA Turns Positive
The company reported Adjusted EBITDA of $95 million, a positive shift from losses of $179 million in Q1 2025 and $21 million in Q4 2025. This includes an $80 million one-time energy cost impact.
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Revenue and Shipments Increase
Consolidated revenues rose to $4.9 billion in Q1 2026, up from $4.3 billion in the prior quarter. Steel shipments increased to 4.1 million net tons from 3.77 million net tons sequentially.
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Maintained Full-Year Guidance
Cleveland-Cliffs maintained its previously guided expectations for full-year 2026, including steel shipment volumes of 16.5-17.0 million net tons and capital expenditures of approximately $700 million.
Analysis · CLF · Energy & Transportation
Cleveland-Cliffs reported a significant reduction in its GAAP net loss for Q1 2026, improving to $229 million from a $486 million loss in the prior year and a $235 million loss in the previous quarter. The company also achieved positive Adjusted EBITDA of $95 million, a notable turnaround from losses in prior periods, despite an $80 million one-time energy cost impact. Revenues increased sequentially to $4.9 billion, and steel shipments rose. Management expressed confidence, projecting sequential improvement and positive free cash flow in the second quarter, while maintaining full-year 2026 guidance. This filing provides the detailed financial context following earlier news reports.
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In the 30 days to Oct 5, 2026, 29.2% of the 1498 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CLF was trading at $10.07 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.7B. The 52-week trading range was $5.63 to $16.70. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.